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Reno Real Estate Market: Prices, Trends, Forecast 2023

March 19, 2023 by Marco Santarelli

Welcome to the Reno real estate market report for 2023. In this report, we will take a look at the current state of the housing market in Reno, Nevada, including trends and forecasts for the coming year. With Reno's reputation as a popular destination for outdoor enthusiasts, retirees, and tech industry workers, we'll explore what impact these factors have on the local real estate market. So, if you're interested in buying or selling property in the area, keep reading to learn more about the Reno real estate market.

Reno/Sparks Housing Market Trends for 2023

The following residential housing market data reported above covers the cities of Reno, Nevada, and Sparks, Nevada. Based on the data provided in the February 2023 Market Report, it seems that the Reno housing market is continuing to experience growth, albeit at a slower pace than in previous years. The median home sales price for the Reno, Nevada metro increased by 1.0 percent over January's median sales price, reaching $515,000 in February. However, year-over-year, February's median sales price is down by 7.4 percent.

Despite the slight increase in the median sales price, the median sold price per square foot (PPSF) decreased by 0.8 percent to $286.73/sq.ft. in February. Year-over-year, February's median sold PPSF was down by 8.8 percent. This suggests that homebuyers are getting more square footage for their money compared to last year.

It is worth noting that the number of homes sold in February increased by 15.5 percent from the previous month, reaching a total of 276 homes sold. However, year-over-year, home sales are down by 27.0 percent. This indicates that the Reno housing market may be experiencing a slowdown in demand.

Furthermore, available inventory fell by 14.7 percent from the previous month, with only 550 homes currently available for purchase in the Reno-Sparks market. This represents just a two-month supply of inventory, which is quite low. Prospective home sellers may be hesitant to put their homes on the market given the higher interest rates for new mortgages. Despite the monthly drop in available inventory, year-over-year, available inventory is up by 104.5 percent.

Finally, February's median days on market (DOM) remained unchanged from January's median DOM at 86 days. Year-over-year, February's DOM is double that of February 2022's DOM number. This suggests that homes are taking longer to sell in the current market.

Overall, the Reno housing market is showing some signs of growth, albeit at a slower pace. While the median sales price increased slightly in February, it is still lower than the previous year. However, the increase in pending sales may indicate a higher demand in the near future. The low inventory and longer days on market may pose challenges for homebuyers, but it could present opportunities for sellers looking to maximize their profits.

Reno Real Estate Market Forecast 2023-2024

Based on the Zillow data, the Reno real estate market is expected to experience a slight decline in home values in the coming year. According to Zillow's forecast, the Reno MSA (Metropolitan Statistical Area) is projected to decline by 0.2% by March 2023, 1.1% by May 2023, and 1.6% by February 2024.

The average home value in Reno is currently $510,283, which is down 1.9% from the previous year. Additionally, homes are going pending in approximately 49 days, indicating a moderately competitive market. The median sale to list ratio as of January 31, 2023, was 0.977, indicating that homes are generally selling for slightly under their asking price. However, 12.8% of homes are selling for over their list price, while 68.2% of homes are selling under their list price.

Overall, the Reno real estate market forecast for 2023-2024 suggests a modest decline in home values. However, this decline is not expected to be significant, and the market is likely to remain relatively stable. Despite the decline in home values, the moderately competitive market and the percentage of homes selling over their list price indicate that there may still be opportunities for both buyers and sellers in the Reno area.

Reno Real Estate Market Forecast
Courtesy of Zillow.com

Reno Real Estate Investment Overview

Reno, Nevada is a popular destination for real estate investors due to its strong economy, growing population, and affordable housing market. The city offers a range of recreational opportunities and attractions, including nearby Lake Tahoe and the Sierra Nevada mountains, as well as a thriving business environment with a diverse range of industries, from technology to healthcare and logistics.

One of the biggest draws of the Reno real estate market is its affordability, with a median home value of $510,283, which has decreased by 1.9% over the past year. In the context of Reno's housing market, a median home value of $510,283 may not be considered affordable for everyone.

However, compared to other popular real estate markets in the United States, such as San Francisco, New York City, or Los Angeles, Reno's housing market may be relatively more affordable.  It is important to note that affordability is also influenced by factors such as local median income levels, employment opportunities, and the overall cost of living. In addition, properties tend to go pending within an average of 49 days, making it a fast-moving market.

Investors have many reasons to consider Reno real estate, including the potential for rental income from the city's growing population, the chance to take advantage of a strong economy with numerous job opportunities, and the possibility of diversifying their investment portfolios with a range of property types, from single-family homes to multi-unit apartment buildings. The city's thriving tourism industry, with numerous entertainment options, including casinos and music festivals, also presents opportunities for investors to benefit from short-term rental income.

Here are the top reasons to consider investing in Reno real estate:

Strong Economic Growth:

Reno's economy has seen a significant boost in recent years, with job growth outpacing the national average. The city's diverse economy includes industries such as healthcare, technology, logistics, and manufacturing, which have all seen growth in recent years. This economic growth has resulted in increased demand for housing, making it an attractive market for real estate investors. Moreover, the city is a hub for tech startups and small businesses, which are continually looking to expand and hire.

Affordable Housing Market:

Despite the average home value in Reno being over $500,000, it is still relatively affordable compared to other western cities such as San Francisco and Seattle. This affordability has made Reno an attractive destination for people looking to relocate from more expensive areas, increasing demand for housing and presenting opportunities for real estate investors. Additionally, the city has a wide range of housing options, from single-family homes to condos and townhouses, allowing investors to diversify their portfolios.

Favorable Tax Environment:

Nevada has a business-friendly tax environment, with no state income tax and relatively low property taxes. This favorable tax environment can be beneficial for real estate investors, as it can increase potential returns on investment. Moreover, the state's tax structure is favorable to businesses, making it an attractive location for corporations, which can result in increased demand for housing.

Tourist Destination:

Reno is a popular tourist destination, attracting visitors to its many attractions, such as Lake Tahoe and the Reno Air Races. This tourism industry can provide a stable source of income for real estate investors through short-term rentals and vacation homes. Furthermore, the city hosts several events and festivals throughout the year, such as the Reno Rodeo, Hot August Nights, and the Great Reno Balloon Race, which can boost the demand for short-term rentals.

Growing Rental Market:

As home prices continue to rise, more people are turning to rent as a more affordable housing option. This has resulted in a growing rental market in Reno, making it an attractive market for real estate investors looking to generate passive income. The city's growing economy and population growth also contribute to this trend, providing a stable demand for rental properties.

Proximity to Major Cities:

Reno's proximity to major cities such as San Francisco, Sacramento, and Las Vegas makes it an attractive location for businesses and residents alike. This proximity can drive economic growth and increase demand for housing, making it an attractive market for real estate investors. Furthermore, the city's location near Lake Tahoe and the Sierra Nevada mountains makes it an ideal destination for outdoor enthusiasts, contributing to its overall appeal.

Growing Population:

Reno's population has been steadily growing in recent years, with an expected growth rate of 2.7% by 2025. This population growth can increase demand for housing, presenting opportunities for real estate investors to capitalize on this trend. Additionally, the city's population growth is driven by both domestic and international migration, providing a diverse pool of potential renters and buyers for real estate investors.

Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.

NORADA REAL ESTATE INVESTMENTS has extensive experience investing in turnkey real estate and cash-flow properties. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in many other growth markets in the United States. We can help you succeed by minimizing risk and maximizing the profitability of your investment property in Reno.

Not just limited to Reno or Nevada but you can also invest in some of the best real estate markets in the United States. All you have to do is fill up this form and schedule a consultation at your convenience. We’re standing by to help you take the guesswork out of real estate investing. By researching and structuring complete turnkey real estate investments, we help you succeed by minimizing risk and maximizing profitability.

Las Vegas is another hot real estate market in the state of Nevada. Las Vegas is a hot spot for real estate investment due to its strong economy, growing population, low taxes, and tourism industry. The city's affordable housing market and proximity to major cities like Los Angeles also make it an attractive destination for investors. Additionally, Las Vegas is home to a variety of entertainment options, including casinos, music festivals, and sporting events, which can provide a stable source of income for real estate investors through short-term rentals and vacation homes.

On the east of Nevada lies the state of Utah, where you can consider investing in Salt Lake City. Salt Lake City is emerging as a hot spot for real estate investment due to its growing population, strong job market, and relatively affordable housing market. The city's diverse economy, which includes industries such as healthcare, education, and technology, has resulted in job growth outpacing the national average.

This economic growth, combined with the city's stunning natural beauty and recreational opportunities, has attracted people from across the country, driving demand for housing. Salt Lake City's favorable tax environment, with no state income tax and relatively low property taxes, also make it an attractive market for real estate investors looking to maximize their returns. Additionally, the city's growing rental market and proximity to major cities such as Denver and Las Vegas provide further opportunities for investors.

Let us know which real estate markets in the United States you consider best for real estate investing!


Remember, caveat emptor still applies when buying a property anywhere. Some of the information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.

References

  • https://www.rsar.net/business-reports-tools-1
  • https://www.zillow.com/reno-nv/home-values
  • https://realestate.usnews.com/places/nevada/reno
  • https://www.realtor.com/realestateandhomes-search/Reno_NV/overviww

Filed Under: Growth Markets, Housing Market

Illinois Housing Market Forecast: Will Prices Drop in 2023?

March 19, 2023 by Marco Santarelli

Illinois Housing Market

The Illinois housing market has been on an upward trend for the past few years, but as we enter 2023, many are wondering if this trend will continue. With the ongoing pandemic and economic uncertainty, some are predicting a drop in home prices. In this report, we will examine the current state of the Illinois housing market and make a forecast for what we can expect in terms of prices and trends for the rest of 2023.

Illinois Housing Trends for 2023

The Illinois housing market experienced a slowdown in sales and median prices in January 2023, which is typical for the winter months. However, the low number of homes for sale provides an opportunity for both buyers and sellers to benefit from the current market conditions.

According to the data from the Illinois REALTORS®, the median price of homes sold in January 2023 was 1.5 percent lower than the previous year. The monthly median price of $234,000 in January 2023. The average time to sell a home increased from 39 days to 41 days, while the available housing inventory declined by 7.6 percent compared to January 2022.

Despite the slowdown, real estate experts predict that both sales and prices will increase over the next three months throughout the state. The Freddie Mac data shows that the monthly average commitment rate for a 30-year, fixed-rate mortgage was 6.27 percent in January 2023, which was slightly lower than the previous month.

In the Chicago area, the president of the Chicago Association of REALTORS® and principal and designated managing broker for Ware Realty Group, Sarah Ware, stated that buyers have their eyes on the spring market with the hope of increased inventory. Sellers, on the other hand, are preparing their homes for the spring market by making necessary repairs and improvements to increase their property's appeal to potential buyers.

While the current market conditions may seem challenging, both buyers and sellers can still benefit from the low inventory and less frenzied market. As interest rates and prices have both leveled off, buyers can take advantage of a less competitive market, compared to the last two years. Meanwhile, sellers can benefit from less competition with inventory still being at a low level.

Illinois Housing Market Forecast 2023

Based on the forecast presented to Illinois Realtors® from UIC Stuart Handler Department of Real Estate, the sales forecast for February, March, and April suggests a yearly decrease of -13.9% to -18.9% for Illinois and -14.9% to -20.1% for the Chicago PMSA. However, there is an expected monthly increase of 22.5% to 30.4% for Illinois and 25.8% to 34.9% for the Chicago PMSA.

Furthermore, the median price forecast indicates negative annual growth for February, March, and April in Illinois, with a projected change of -1.8% in February, -2.3% in March, and -1.9% in April. Meanwhile, the Chicago PMSA is expected to remain almost unchanged, with a change of 0.2% in February, 0.3% in March, and -0.2% in April.

For buyers, the forecast indicates a potential opportunity to capitalize on a market slowdown and negotiate better deals. However, it's essential to keep in mind that the market can be unpredictable, and trends may shift quickly. For sellers, it's crucial to be aware of the market conditions and price their properties accordingly to remain competitive.

While the forecast for the Illinois housing market in 2023 is projecting a decrease in sales and negative growth in median prices on an annual basis, it is important to note that the market is expected to see an increase in sales on a monthly basis. This indicates that the market may experience a short-term recovery as it transitions into the spring selling season. However, it is also worth noting that the decrease in sales on an annual basis may lead to a higher inventory of homes on the market, providing more options for buyers to choose from.

For sellers, the low inventory levels coupled with the winter slowdown may present opportunities for them to capitalize on the market by selling their homes before the spring season arrives. Meanwhile, buyers may have greater negotiating power due to the increased inventory and slower market. However, buyers should keep in mind that the projected negative growth in median prices may be an advantage for them in terms of affordability but could also lead to less appreciation in the short term.

Overall, the Illinois housing market is expected to experience a mixed bag of trends in 2023, with a short-term recovery expected in the spring season but a decrease in sales and negative growth in median prices on an annual basis. Both buyers and sellers can take advantage of the market conditions to achieve their real estate goals, but it is important to stay up to date on the latest trends and forecasts to make informed decisions.

Housing Forecast for MSAs in Illinois

Zillow, a popular online real estate company, has provided MSA-level forecasts for Illinois. MSA stands for Metropolitan Statistical Area, which is a geographic region that includes a densely populated urban core and surrounding areas that are economically and socially integrated with the core. The forecasts provided by Zillow give an indication of how the real estate market in each MSA is expected to perform over the next few years.

According to Zillow, the average home value in Illinois is currently $228,698, which represents a 4.9% increase over the past year. Homes in Illinois are going pending in around 22 days, with a median sale-to-list ratio of 0.984. Additionally, 26.7% of sales are over list price, and 59.4% of sales are under list price as of January 31, 2023.

Looking at the MSA level forecasts, Zillow predicts that the Chicago MSA will see a slight increase of 0.4% in home values by March 31, 2023, followed by a decrease of -0.1% by May 31, 2023, and a more significant decrease of -1.9% by February 29, 2024. In contrast, the Bloomington MSA is expected to see an increase of 0.7% by March 31, 2023, followed by another increase of 0.9% by May 31, 2023, and a slight decrease of -0.7% by February 29, 2024.

Other MSAs in Illinois, such as Decatur, Dixon, and Taylorville, are expected to see an increase in home values over the forecasted period, while areas like Springfield and Jacksonville are expected to see a decrease in home values. However, it is important to note that these forecasts are not a guarantee of what will happen in the future, as various factors can affect the real estates market, such as economic conditions, government policies, and natural disasters.


Sources:

  • https://www.illinoisrealtors.org/marketstats/
  • https://fred.stlouisfed.org/series/ILSTHPI#
  • https://www.zillow.com/il/home-values/
  • https://www.neighborhoodscout.com/il/real-estate
  • https://fred.stlouisfed.org/series/ACTLISCOUIL#
  • https://ides.illinois.gov/

Filed Under: Growth Markets, Housing Market Tagged With: Illinois Housing Market, Illinois Housing Market Forecast, Illinois Housing Prices, Illinois Real Estate, Illinois Real Estate Market

Cincinnati Housing Market: Prices, Trends, Forecast 2023

March 19, 2023 by Marco Santarelli

Cincinnati Housing Market

Cincinnati, the third-largest city in Ohio, is experiencing a housing market that has been on the rise in recent years. With a growing economy and affordable housing options, Cincinnati is attracting a lot of attention from buyers and investors. In this article, we will explore the current prices, trends, and forecast for the Cincinnati housing market in 2023.

Cincinnati Housing Market Trends for 2023

The Greater Cincinnati area has been experiencing a decline in home sales, down 24.8% from the previous year, according to the report released by the Cincinnati Area Board of REALTORS®. However, the market is showing signs of improvement with an increase in active inventory, up 26.3% from the same month last year.

The median sales price in February 2023 has increased to $230,000, up 4.2% from the previous year. With homes selling quickly and prices on the rise, the market is in need of more listings. Despite this, the median days on the market have increased by 33.3% from the previous year, showing a balanced market for buyers and sellers.

One reason for the decline in home sales could be the ongoing shortage of inventory, as mentioned by Anne Uchtman, president of the REALTOR® Alliance of Greater Cincinnati. The low inventory levels are driving up prices and creating a competitive market for buyers. As a result, some potential buyers may be hesitant to make a move until the market stabilizes.

Despite the decline in home sales, the median sales price in February 2023 saw a modest increase of 4.2% to $230,000, indicating that demand remains strong in the region. The median days on the market also increased by 33.3% from the same month the prior year to four days, which may suggest that some buyers are taking a more cautious approach and conducting thorough research before making an offer.

Looking ahead, the Greater Cincinnati housing market forecast for 2023 remains positive. The region is projected to experience steady growth in home prices, albeit at a slower pace compared to previous years. The rise in prices could incentivize more homeowners to put their properties on the market, which would help address the inventory shortage.

For sellers, the current market conditions present an opportunity to list their properties and potentially fetch a higher price than in previous years. However, they should be mindful of the competition and work with experienced real estate agents to ensure their properties are priced correctly and marketed effectively.

For buyers, the competitive market may require some additional effort to secure their desired property. This could include working with an experienced real estate agent who has strong relationships with local brokers and can provide insights into the latest listings. Buyers may also need to be flexible with their preferences and expectations, as properties may sell quickly and require a fast response.

Overall, the Greater Cincinnati housing market is facing some challenges but remains healthy and promising. The ongoing inventory shortage is a concern, but the strong demand and positive forecast suggest that the region will continue to be a desirable location for real estate investment.

Cincinnati Housing Market Trends
Source: Cincinnati Area Board of REALTORS®

Cincinnati Real Estate Market Forecast 2023-2024

The Greater Cincinnati area housing market has shown a decrease in sales by 24.8% compared to last year, and the inventory is down by 26.3% in February from January. However, active inventory has gone up by 26.3% from the same month the prior year. Despite this, the median sales price in February 2023 has gone up by 4.2% to $230,000 from $252,250.

The market is still favorable for sellers with median days on the market at 4, up 33.3% from the same month the prior year. The market seems to be lending itself toward a similar market to this time last year. Listings are still selling quickly, and sales prices are increasing every month.

Based on the data from Zillow, the average Cincinnati home value is $215,066, up 4.6% over the past year, and the median days to pending is 9, which is a good indicator that the market is favorable for sellers. The median sale-to-list ratio is at 0.990, which is lower than last year. The percentage of sales over list price is at 31.6%, which indicates that buyers still have some bargaining power. On the other hand, the percentage of sales under list price is at 53.5%, which suggests that buyers can still negotiate to some extent.

Looking at the MSA level forecast data, Cincinnati's housing market is predicted to grow at a modest pace. According to the data, the market will grow at a rate of 0.4% by March 2023, 0.5% by May 2023, and 1.1% by February 2024. While the market is not expected to experience significant growth, it is still forecasted to grow at a steady pace, which is good news for sellers.

In conclusion, the Greater Cincinnati area housing market is still favorable for sellers despite the decrease in sales compared to last year. The median sales price has gone up, and the median days to pending is low, indicating that buyers are still active in the market. However, the market is still showing some signs of balance as buyers can still negotiate to some extent. The forecasted growth of the housing market is steady, which is good news for those looking to invest in the area.

Cincinnati Real Estate Market
Credits: Zillow

Cincinnati Real Estate Investment Overview

Cincinnati is a bustling city located in the southwest corner of Ohio, known for its strong economy, diverse culture, and affordable cost of living. The Cincinnati real estate market has seen steady growth in recent years, with home values increasing by 4.6% over the past year, according to Zillow.

Despite a slight decrease in home sales in February 2023 compared to the previous year, the market is expected to remain stable and strong throughout 2023 and 2024. With median days on the market of just 9 days and a high percentage of sales under list price, Cincinnati is a seller's market, indicating that it may be an advantageous time for sellers to list their properties.

Investors interested in the Cincinnati real estate market can benefit from the area's diverse range of neighborhoods, from the upscale and trendy Over-the-Rhine district to the more affordable suburban areas like Paddock Hills and Winton Place. The city's economy is thriving, with a strong job market and low unemployment rates, making it an attractive option for those seeking to relocate or invest.

Here are top reasons why Cincinnati's MSA real estate market may be a smart investment:

Strong Economic Growth:

Cincinnati's economy has been growing steadily, with a low unemployment rate of 3.6% and a diverse range of industries, including healthcare, education, finance, and manufacturing. According to the Bureau of Economic Analysis, Cincinnati's gross domestic product (GDP) has grown by 6.5% from 2016 to 2021, outpacing the national average of 4.6%. This economic growth has led to a strong demand for housing, making Cincinnati an attractive market for real estate investors.

Affordable Housing Market:

Cincinnati's housing market is relatively affordable compared to other major metropolitan areas in the United States. According to Zillow, the median home value in Cincinnati is $215,066, which is below the national median value. This affordability, combined with the city's strong economy and low cost of living, makes it an attractive option for young professionals and families.

Strong Rental Market:

Cincinnati has a strong rental market, with a vacancy rate of only 3.6% and average rent prices of $1,128 per month, according to RentCafe. Additionally, Cincinnati is home to several major universities, including the University of Cincinnati and Xavier University, which provide a consistent stream of rental demand from students and faculty.

Growing Population:

Cincinnati's population has been growing steadily over the past decade, with a population of over 2.1 million people in the metropolitan statistical area (MSA) in 2021. According to the U.S. Census Bureau, the population of the Cincinnati MSA is projected to increase by 3.1% from 2020 to 2030. This growing population, combined with a strong economy and affordable housing market, makes Cincinnati a prime location for real estate investment.

Infrastructure and Transportation:

Cincinnati has a well-developed transportation infrastructure, including a major airport, several major highways, and a robust public transportation system. Additionally, the city has invested heavily in infrastructure projects, such as the Cincinnati Bell Connector streetcar, which connects several neighborhoods in the city. This infrastructure and transportation network make it easier for residents to commute and access amenities, which further increases the demand for real estate in the area.

Stable Real Estate Market:

Cincinnati's real estate market has remained stable over the past decade, with steady appreciation rates and low volatility. According to Zillow, the Cincinnati housing market has appreciated by 4.6% over the past year, which is in line with the national average. This stability makes Cincinnati an attractive option for real estate investors who are looking for a steady return on their investment.

Growing Tech Industry:

Cincinnati's tech industry has been growing rapidly in recent years, with several tech startups and established companies calling the city home. According to CBRE's Tech Talent Report, Cincinnati ranks 27th out of 50 U.S. cities for tech talent, with a 13.1% growth rate in tech jobs from 2015 to 2020. This growing tech industry provides a stable source of employment and further drives the demand for housing in the city.

In conclusion, Cincinnati's strong economy, the affordable housing market, strong rental market, growing population, infrastructure and transportation network, stable real estate market, and growing tech industry make it an attractive location for real estate investors. Whether you're looking to buy and hold rental properties or flip houses for a quick profit, Cincinnati's real estate market offers plenty of opportunities for savvy investors.

Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.

NORADA REAL ESTATE INVESTMENTS has extensive experience investing in turnkey real estate and cash-flow properties. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in many other growth markets in the United States. We can help you succeed by minimizing risk and maximizing the profitability of your investment property in Cincinnati.

Consult with one of the investment counselors who can help build you a custom portfolio of Cincinnati turnkey properties. These are “Cash-Flow Rental Properties” located in some of the best neighborhoods of Cincinnati.

Not just limited to Cincinnati or Ohio but you can also invest in some of the best real estate markets in the United States. All you have to do is fill up this form and schedule a consultation at your convenience. We’re standing by to help you take the guesswork out of real estate investing. By researching and structuring complete Cincinnati turnkey real estate investments, we help you succeed by minimizing risk and maximizing profitability.

There are many other markets in the state of Ohio for real estate investing. Columbus is one of them. The Columbus real estate market is a bright spot in a declining region. It mixes smart redevelopment, quality of life, and growth to create a stable, slow-growing market that will be thriving well into the foreseeable future. If you’re looking to buy Columbus investment properties, it makes sense to do so when inventory levels are relatively high, like in the current phase of the pandemic. The surplus of available opportunities can lead to softer negotiations with sellers. Columbus has a lower cost of living than the national average.

Cleveland is another good market to invest in real estate. Cleveland is a notable exception to the decline of the Rust Belt cities. It has managed to reinvent itself, shifting from classic manufacturing to biotech and medicine. In the process, it has maintained its population and has strong potential for growth both economically and demographically.

Let us know which real estate markets you consider best for real estate investing!


Remember, caveat emptor still applies when buying a property anywhere. Some of the information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.

REFERENCES

  • https://www.cabr.org/category/homesales
  • https://www.zillow.com/Cincinnati-oh/home-values
  • https://www.neighborhoodscout.com/oh/cincinnati/real-estate
  • https://www.littlebighomes.com/real-estate-cincinnati.html
  • https://www.realtor.com/realestateandhomes-search/Cincinnati_OH/overview

Filed Under: Growth Markets, Housing Market, Real Estate Investing

New Jersey Housing Market: Prices, Trends, Forecast 2023

March 18, 2023 by Marco Santarelli

New Jersey Housing Market

In this report, we will delve into the latest data and trends in the New Jersey real estate market. We will examine key metrics such as new listings, sold listings, median sales price, average sales price, percent of list price received, days on market until sale, inventory of homes for sale, and months supply of inventory.

Additionally, we will provide a forecast for the New Jersey housing market in 2023 and discuss what it could mean for buyers and sellers. Whether you are a current homeowner, looking to buy your first home, or considering investing in real estate, this report will provide valuable insights into the New Jersey housing market.

New Jersey Housing Market Trends for 2023

Despite the challenges faced by the US housing market, the New Jersey housing market remains relatively stable. The report released by NJ REALTORS® for January 2023 showed a decrease in closed sales across all housing types, with Single Family Closed Sales down 35.0%, Townhouse-Condo Closed Sales down 39.6%, and Adult Communities Closed Sales down 21.5% compared to the same period in the previous year. However, it's worth noting that the median sales prices for all housing types increased, indicating that demand is still present, despite the decrease in sales.

Single Family Median Sales Price increased 2.3% to $450,000, Townhouse-Condo Median Sales Price increased 2.5% to $330,000, and Adult Communities Median Sales Price increased 8.8% to $310,000. The increase in median sales prices is a positive sign for sellers, indicating that home values are holding steady or even increasing, despite the challenges of the housing market.

As sales slow, the time on the market is increasing, with the average home spending 26 days on the market as of the last measure. This extended time on the market is giving buyers more time and negotiating power when shopping for a home. Seller concessions are making a comeback, further indicating that buyers are in a better position to negotiate and that the market is becoming more favorable to buyers.

Overall, the New Jersey housing market for January 2023 appears to be experiencing a state of rebalance, with a decrease in closed sales but an increase in median sales prices. The market remains relatively stable despite the challenges of the US housing market, with buyers and sellers exercising caution as they navigate the current market conditions.

Looking ahead, with mortgage rates declining steadily throughout January, falling to their lowest level since September, this may soon lead to an uptick in market activity ahead of the spring selling season. Lower rates should aid in affordability and may encourage more buyers to enter the market. However, it's important to note that the housing market is still in a state of flux, and uncertainty remains as to how it will develop over the coming months.

Jersey City Housing Market Trends

The Jersey City real estate market has experienced a significant transformation in recent years, becoming one of the most sought-after areas in the region. With its proximity to New York City, excellent transportation infrastructure, diverse cultural offerings, and growing job opportunities, the demand for housing in Jersey City has continued to soar.

The Jersey City housing market is dynamic and ever-changing, making it essential for buyers, sellers, and investors to stay abreast of current trends and forecasts. In this report, we will analyze the latest trends in the Jersey City housing market, exploring key metrics and providing insights into what lies ahead for buyers and sellers in the area.

Jersey City is the second-most populous city in the U.S. state of New Jersey, after Newark. It is the county seat of Hudson County as well as the county's largest city. These are the latest trends in the Hudson County housing market (Source: NEW JERSEY REALTORS®).

The Hudson County real estate market saw a decline in new listings and closed sales for single-family homes in January 2023 compared to the same period last year. According to data from the New Jersey Multiple Listing Service, new listings dropped by 27.3%, from 110 in January 2022 to 80 in January 2023. Closed sales also decreased by 50.0%, from 90 in January 2022 to 45 in January 2023.

However, the median sales price for single-family homes in Hudson County increased by 3.3%, from $472,500 in January 2022 to $488,000 in January 2023. Days on market until sale also decreased by 4.0%, from 50 days in January 2022 to 48 days in January 2023.

Despite the decrease in closed sales, the percent of list price received remained relatively stable, decreasing by only 0.3%, from 99.0% in January 2022 to 98.7% in January 2023. The inventory of homes for sale also decreased by 19.3%, from 264 in January 2022 to 213 in January 2023. The months supply of inventory remained unchanged at 3.1.

The decline in new listings and closed sales may indicate a slow start to the year for the Hudson County real estate market. However, the increase in median sales price and decrease in days on market until sale suggest that the market may still be favorable for sellers. The stable percent of list price received may also indicate that buyers are willing to pay the asking price for desirable properties. As always, it's important for buyers and sellers to consult with a local real estate professional to get the most up-to-date and accurate information on market trends and conditions.

New Jersey Housing Market Forecast 2023-2024

Based on the data from Zillow, the New Jersey housing market is expected to continue its steady growth in 2023 and 2024. The average home value in New Jersey is currently $440,368, which is a 6.3% increase from last year. The median sale to list ratio as of January 31, 2023, is 1.000, indicating that homes are selling for their asking price. However, only 44.3% of sales were over the list price, while 40.8% were under the list price. The median days to pending is 24 days, indicating that homes are moving quickly in the current market.

For Jersey City, the average home value is $539,353, which is a 1.9% increase from last year. The median days to pending in Jersey City is 43 days, which is slightly longer than the state average. Overall, the Jersey City housing market is expected to continue to experience steady growth in 2023 and 2024.

Looking at the MSA level forecast data, Trenton, NJ is expected to experience a 1.2% increase in home values by March 31, 2023, with a slight increase of 0.8% by February 29, 2024. Atlantic City, NJ is forecasted to see a 1.1% increase in home values by March 31, 2023, followed by a larger increase of 4.2% by February 29, 2024.

Vineland, NJ is forecasted to experience a 1.7% increase in home values by March 31, 2023, with a moderate increase of 2.9% by February 29, 2024. Lastly, Ocean City, NJ is expected to have a 0.5% increase in home values by March 31, 2023, followed by a larger increase of 3.5% by February 29, 2024.

Overall, the New Jersey housing market is expected to continue its steady growth in 2023 and 2024. The current market trends suggest that buyers will need to act quickly, as homes are selling quickly. For sellers, it is important to price homes appropriately and be open to negotiations, as not all homes are selling for over the list price.

Jersey City Real Estate Market Forecast
Credits: Zillow

New Jersey Real Estate Investment Overview

New Jersey, located in the Mid-Atlantic region of the United States, has long been a popular destination for real estate investment. The state boasts a diverse range of properties, from historic homes to modern condos, and is home to several vibrant cities, including Newark, Jersey City, and Atlantic City. In this overview, we will take a closer look at the New Jersey real estate market, exploring the current trends, investment opportunities, and potential risks.

The New Jersey real estate market is currently experiencing a period of stability, with home values continuing to rise but at a more moderate pace than in previous years. According to Zillow, the median home value in New Jersey is $440,368, an increase of 6.3% over the past year. The median sale to list ratio is 1.000, and the average home goes to pending in around 24 days.

One of the most significant trends in the New Jersey real estate market is the continued demand for homes in the suburbs. The COVID-19 pandemic has caused many people to re-evaluate their living situations, leading to a surge in demand for larger homes with outdoor spaces. Additionally, many people are now working from home, leading them to look for homes with extra rooms or dedicated office spaces.

New Jersey offers several investment opportunities for real estate investors. One of the most popular options is rental properties, particularly in the urban areas of Newark and Jersey City. Both cities are experiencing significant growth and redevelopment, with several new residential and commercial projects underway. These developments are driving up demand for rental properties, particularly in neighborhoods with good transportation links and amenities.

Another investment opportunity in New Jersey is commercial real estate. The state is home to several major corporations and industries, including pharmaceuticals, finance, and transportation. Commercial properties in these industries, particularly those located near major transportation hubs or in desirable office districts, can offer a steady stream of rental income.

As with any real estate investment, there are potential risks to consider when investing in New Jersey. One of the primary risks is the state's high property taxes, which can eat into potential profits. Additionally, the state's regulations can be complex and time-consuming, particularly for landlords and property managers.

Another potential risk is the state's vulnerability to natural disasters, particularly flooding. New Jersey is located in an area prone to hurricanes and tropical storms, which can cause significant damage to homes and businesses. Investors looking to purchase properties in New Jersey should carefully consider the risk of flooding and invest in properties that are located in less flood-prone areas or have flood insurance.

Despite the potential risks, the New Jersey real estate market is expected to continue growing in the coming years. The MSA-level forecast data predicts that the Trenton area will see modest growth of 1.2% by March 2023, with further growth of 1.4% by May 2023. The forecast for February 2024 is a more conservative 0.8% growth rate.

The Atlantic City and Vineland areas are both predicted to see significant growth in the coming years. Atlantic City is expected to see a growth of 1.1% by March 2023, with further growth of 1.8% by May 2023. The forecast for February 2024 is even more impressive, with a predicted growth rate of 4.2%.

Vineland is also predicted to see significant growth, with a forecasted growth rate of 1.7% by March 2023, 2.1% by May 2023, and 2.9% by February 2024. Overall, the New Jersey real estate market offers several investment opportunities for real estate investors, particularly in the rental and commercial.

Jersey City Real Estate Investment Overview

Jersey City is one of the hottest real estate markets in New Jersey, with a population of around 270,000 people. Jersey City is known for its vibrant downtown area, diverse culture, and booming economy. It's located just across the Hudson River from Manhattan, making it a popular choice for people who work in New York City but want to live in a more affordable area.

Jersey City's real estate market has been on the rise for several years now, with home values increasing by an average of 1.9% over the past year. The median home value in Jersey City is currently around $539,353, which is higher than the average home value in New Jersey. However, with its proximity to New York City and a booming economy, many people see investing in Jersey City real estate as a wise choice.

One of the factors driving Jersey City's real estate market is its diverse mix of properties, from modern condos to historic brownstones. This diversity appeals to a broad range of buyers, from young professionals to families. Jersey City's waterfront area is a popular location for luxury condos and high-rise buildings, offering stunning views of the Manhattan skyline. The city is also home to many historic neighborhoods, such as Paulus Hook and Hamilton Park, where charming brownstones and rowhouses can be found.

Another factor driving the growth of Jersey City's real estate market is its strong economy. The city is home to many large companies, including Goldman Sachs and JPMorgan Chase, which provide a stable job market for residents. Additionally, Jersey City has a thriving small business community, with many restaurants, shops, and art galleries. The city is also investing in its infrastructure, with new transportation options and development projects that aim to attract more businesses and residents.

Investing in Jersey City real estate can offer excellent returns for investors, with rental properties being particularly attractive. The city's population is growing, and many people are choosing to rent instead of buy, creating a strong demand for rental properties. With the right property management and marketing strategies, investors can earn significant rental income and build long-term wealth.

The above data tells us that New Jersey's real estate market offers a range of investment opportunities for both local and international investors. The state's diverse mix of properties, strong economy and convenient location make it an attractive place to invest in real estate. And for those looking for more urban investment opportunities, Jersey City offers a unique blend of historic charm and modern amenities that make it a standout market to watch. With careful research and guidance from experienced professionals, investors can find success in New Jersey's real estate market.

Another market that we suggest is the housing market in Colorado Springs, CO. The Colorado Springs real estate market contains several large populations of renters, many practical reasons for people to move here from the surrounding area and across the country, and long-term factors that will drive growth for years to come. Forget the Mile High City and invest in the Colorado Springs real estate market. The Colorado Springs real estate market is notable for how affordable it is compared to many other cities in the Rockies.

Let us know which real estate markets you consider best for real estate investing! If you need expert investment advice, you can fill up the form given here. One of our investment specialists will get in touch with you. Norada Real Estate Investments helps take the guesswork out of real estate investing. We can help you succeed by minimizing risk and maximizing the profitability of your real estate investments.


Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.

References

  • https://www.njrealtor.com/research/10k/
  • http://njar-public.stats.10kresearch.com/reports
  • https://www.zillow.com/jerseycity-nj/home-values
  • https://www.neighborhoodscout.com/nj/jersey-city/real-estate
  • https://www.redfin.com/city/9168/NJ/Jersey-City/housing-market                 
  • https://www.realtor.com/local/Jersey-City_NJ
  • https://www.zumper.com/rent-research/jersey-city-nj

Filed Under: Growth Markets, Housing Market, Real Estate Investing

Boulder Housing Market: Prices, Trends, Forecast, 2023

March 18, 2023 by Marco Santarelli

Boulder Housing Market

The Boulder housing market has been on a rollercoaster ride in recent years, with prices soaring to record highs and then experiencing a slight dip. As we move into 2023, many are wondering what the future holds for this desirable Colorado city. Will prices continue to rise, or will we see a further decline? In this article, we'll explore the latest trends and forecasts for the Boulder housing market, providing valuable insights for both buyers and sellers.

Boulder Housing Market Trends for 2023

Boulder County, CO is a beautiful and thriving area located in the foothills of the Rocky Mountains. With its stunning scenery, top-rated schools, and booming economy, it's no wonder why so many people are looking to buy or sell homes in this area.

Median Listing Home Price vs. Median Home Sold Price

According to realtor.com, the median listing home price in Boulder County, CO in February 2023 was $781K, which is up 5.5% from the previous year. The median listing home price per square foot was $379, and the median home sold price was $700K. This indicates that there is still room for negotiation when it comes to the final sale price.

Sale-to-List Price Ratio

In February 2023, homes in Boulder County, CO sold for approximately 99.34% of the asking price on average. This indicates that sellers are still able to get close to their asking price, but buyers may be able to negotiate a slightly lower price.

Median Days on Market

On average, homes in Boulder County, CO sell after 45 days on the market. The trend for median days on market in Boulder County, CO has gone down since last month, and slightly up since last year. This suggests that the market may be starting to favor sellers more.

Overall, Boulder County, CO is currently a buyer's market, with a good selection of homes available for sale and rent. While prices are slightly higher than the previous year, there is still some room for negotiation. With its desirable location, excellent schools, and strong economy, Boulder County, CO is a great place to buy or sell a home.

Single-Family Homes

According to the latest report released by the Colorado Association of Realtors, the Boulder housing market continued to show a downward trend in February 2023 compared to the same month in 2022. The number of new listings decreased by 1.6%, with 241 new listings in February 2023 compared to 245 in February 2022. Meanwhile, the number of sold listings decreased significantly by 34.4%, with 120 sold listings in February 2023 compared to 183 in February 2022.

The median sales price also saw a decrease of 3.2%, with a median sales price of $842,500 in February 2023 compared to $870,000 in February 2022. The average sales price saw a slight decrease of 0.2%, with an average sales price of $1,127,868 in February 2023 compared to $1,130,413 in February 2022. The percent of list price received decreased by 7.5%, with a rate of 98.1% in February 2023 compared to 106.1% in February 2022.

The days on the market until sale increased significantly by 84.8%, with an average of 61 days in February 2023 compared to 33 days in February 2022. The inventory of homes for sale increased by 132.3%, with 381 homes for sale in February 2023 compared to 164 in February 2022. This led to a 220.0% increase in months supply of inventory, which rose from 0.5 in February 2022 to 1.6 in February 2023.

Overall, these metrics indicate that the Boulder housing market continues to face challenges in 2023, as the number of sold listings, median sales price, and percent of list price received all declined, while days on market until sale and inventory of homes for sale both increased significantly.

Boulder Housing Market Forecast 2023-2024

Based on the data from Zillow, the Boulder housing market is expected to experience a slight decline in the next year. The Boulder MSA level forecast predicts that the market will decline by 0.2% by May 2023 and by 1.9% by February 2024.

The average home value in Boulder County is currently $730,019, which is up 1.0% over the past year. Homes in Boulder County go pending in around 36 days, with a median sale to list ratio of 0.979. As of January 31, 2023, 18.6% of home sales were over the list price, while 66.1% were under the list price.

For buyers, this forecast means that they may have more bargaining power in the market, as home prices are expected to decline. However, buyers should still be prepared for a competitive market, with a significant percentage of homes still selling above the list price. On the other hand, sellers should be prepared for a more challenging market, with prices likely to decline. They may need to adjust their expectations and consider different strategies to make their properties stand out to potential buyers.

Looking ahead, the Boulder housing market is likely to continue to be influenced by factors such as job growth, mortgage rates, and inventory levels. While there may be some short-term fluctuations, the long-term outlook for the Boulder housing market remains positive, given the city's strong economy, attractive lifestyle, and limited supply of housing.

Boulder Real Estate Market Forecast
Graph Credits: Zillow.com

Boulder Real Estate Investment Overview

Boulder, Colorado, is a vibrant city known for its natural beauty, cultural attractions, and thriving economy. With a population of around 100,000, it is one of the fastest-growing cities in the United States. The city's real estate market has been consistently strong over the years, with home prices increasing at a steady pace. In this overview, we will explore the Boulder real estate market and examine whether it is a good place for real estate investment.

The average home value in Boulder County is $730,019, according to Zillow. This figure represents a 1% increase from the previous year, indicating that the market is stable and not subject to sudden fluctuations. Homes in Boulder County typically go under contract within 36 days, which is faster than the national average of 68 days.

The Boulder real estate market has a lot to offer investors. One of the primary advantages of investing in Boulder is the city's strong and diverse economy. Boulder is home to several major industries, including aerospace, biotech, and technology. The city's economy has been growing at a steady pace, which has led to a high demand for housing. This demand is expected to continue, given the city's high quality of life, natural beauty, and proximity to Denver.

Another advantage of investing in Boulder real estate is the city's excellent infrastructure. The city has an extensive network of highways, which makes it easy to travel within the region. Additionally, Boulder has a well-developed public transportation system, including buses and light rail. This infrastructure is essential for real estate investors, as it makes it easier for tenants to access their properties and increases the overall value of the real estate in the area.

Boulder is also known for its exceptional schools and universities. The University of Colorado Boulder is one of the largest employers in the city and is known for its world-class research programs. This has led to a large population of students and faculty in the area, which has increased the demand for rental properties. Additionally, the city's excellent public schools have attracted families with children to the area, which has led to an increased demand for single-family homes.

Investors should also be aware of the challenges of investing in Boulder real estate. One of the primary challenges is the high cost of living in the city. The cost of living in Boulder is 29% higher than the national average, which can make it difficult for investors to find affordable properties. Additionally, the city's stringent zoning laws and building codes can make it challenging to build new properties, which can limit the supply of available housing.

Despite these challenges, the Boulder real estate market remains a strong and attractive investment opportunity. The city's strong economy, excellent infrastructure, and high quality of life make it a desirable place to live, work, and invest. Investors who are willing to navigate the challenges of the market can find excellent opportunities to grow their real estate portfolios in Boulder.

Hence, the Boulder real estate market is an attractive investment opportunity for those looking for stable, long-term growth. While the high cost of living and stringent zoning laws can make it challenging to find affordable properties, the city's strong economy, excellent infrastructure, and high quality of life make it a desirable place to live and work. For investors willing to put in the time and effort, the Boulder real estate market offers excellent potential for growth and returns.

It’s only wise to think about how you can and should be investing your money. In any property investment, cash flow is gold. A good cash flow means the investment is, needless to say, profitable. A bad cash flow, on the other hand, means you won’t have money on hand to repay your debt. Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make.

Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.

NORADA REAL ESTATE INVESTMENTS strives to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.

Another upcoming market to choose from for real estate investment is Frisco, Texas. Frisco is a rapidly growing and appreciating suburb in the Dallas-Fort Worth area. It is so desirable that it attracts locals relocating to the area in addition to those moving to Texas thanks to its lower tax burden, cheaper real estate, and improved quality of life.

If you’re considering Frisco real estate investment, one point in favor of this area over other Dallas suburbs is the diversified real estate market. Frisco was one of the local pioneers in mixed-use developments, walkable neighborhoods modeled off older downtown areas. This is attractive to Millennials. Frisco is also rapidly building multi-family housing, though this is barely keeping up with demand. Yet the Frisco housing market retains a large number of single-family homes.

Let us know which real estate markets you consider best for real estate investing! If you need expert investment advice, you may fill up the form given here. 


Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.

References

  • https://www.zillow.com/boulder-co/home-values
  • https://www.redfin.com/city/2025/CO/Boulder/housing-market
  • https://www.neighborhoodscout.com/co/boulder/real-estate
  • https://www.zumper.com/rent-research/boulder-co
  • https://www.realtor.com/realestateandhomes-search/Boulder_CO/overview
  • https://www.coloradorealtors.com/market-trends/regional-and-statewide-statistics/

Filed Under: Growth Markets, Housing Market, Real Estate, Real Estate Investing

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